Is Brazil a value opportunity or a value trap right now?

I’ve been looking into Brazilian equities recently and wanted to get some thoughts from others here. On a pure valuation basis, a lot of large Brazilian companies look inexpensive relative to both their own history and developed market peers. Banks like Itaú are trading at reasonable multiples despite solid profitability, and companies like Petrobras and Vale are still generating strong cash flows even after recent volatility in commodities. What stands out to me is that many of these businesses are not structurally broken, they’re tied heavily to the domestic economic cycle and global demand, but they remain profitable and in some cases dominant in their industries. The common pushback I see is around macro risk: currency volatility, political uncertainty, and dependence on commodities. Those are all valid concerns, but they also seem to be well reflected in current valuations. One thing I’m trying to think through is whether the market may be overly discounting Brazil due to past instability, while current conditions (inflation, rates, currency stability) are somewhat more supportive than they’ve been in prior cycles. Curious how others here think about emerging markets like Brazil from a value perspective. Do you view these discounts as justified, or as potential opportunities?